A cryptocurrency analyst has pointed out a significant increase in Dogecoin (DOGE) holdings by large investors, known as whales, over a short period. Ali Martinez, a crypto strategist, shared with his 63,100 followers on the social media platform X that these whales have acquired 700 million DOGE, valued at $112 million, within just 72 hours.
Martinez based this observation on data provided by the analytics platform Santiment. Interestingly, this surge in DOGE accumulation by whales coincides with a decline in sentiment toward the popular memecoin, reaching levels not seen since early 2024.
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Source: @ali_charts on X
Martinez highlighted that the sentiment for Dogecoin dropped significantly before its notable surge in February, during which its price soared from $0.077 at the start of the month to $0.228 by March 28th. Currently, Dogecoin is trading at $0.159.
Source: @ali_charts on X
Meanwhile, Martinez also noted a substantial increase in the inflow of Shiba Inu (SHIB) to cryptocurrency exchanges.
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Source: @ali_charts on X
According to his analysis, over the past two weeks, more than four trillion SHIB tokens, equivalent to approximately $103 million, have been transferred to these exchanges. This sudden surge in SHIB inflow to exchanges indicates increased activity and trading interest in the Dogecoin rival.
DOGE and SHIB Prices Amidst Whale Activity, Ethereum Accumulation Surges
The rapid accumulation of DOGE by whales amidst declining sentiment suggests potential underlying market dynamics at play. While the sentiment surrounding Dogecoin may be bearish at the moment, historical trends indicate that such periods have preceded significant price surges in the past.
With DOGE currently trading at $0.159, investors are closely monitoring market developments and the behavior of large holders for potential indications of future price movements. Similarly, the influx of SHIB to exchanges underscores the growing interest and activity surrounding the Shiba Inu token, signaling a period of heightened trading activity and potential price volatility in the near term. As of the latest update, Shiba Inu (SHIB) is currently trading at $0.000025.
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Shifting focus to Ethereum, the leading smart contract platform, the analyst highlights a significant trend in the accumulation of Ether (ETH) by mega whale wallets.
Source: @ali_charts on X
According to the analyst, there has been a noteworthy uptick in the number of Ethereum addresses holding 10,000 ETH or more. This observation suggests a shift in behavior from distribution to accumulation among large holders of Ethereum. As of the time of reporting, ETH is valued at $3,790.
See more: Cryptocurrency Prices and Market Cap
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